National Energy Services Reunited (NESR) Bank of America Global Energy Conference summary

Company overview and market positioning

• Founded in 2017 as a SPAC, the company has grown to a $1.3 billion revenue run rate, targeting $2 billion and beyond.

• Positioned as the largest national oilfield services (OFS) company in the Middle East after the big three international players.

• Offers a unique pure-play investment in the Middle East oilfield services sector via a US-listed vehicle.

Middle East and North Africa (MENA) market dynamics

• National oil companies in the region plan for long-term capacity, with a focus on gas and renewables for domestic use and oil for export.

• Saudi Arabia maintains 12 million barrels/day capacity, with rig activity set to increase in 2026.

• Kuwait and UAE are steadily increasing capacity, with UAE advancing its 5 million barrel target to 2027 and focusing on gas self-sufficiency.

• Iraq and North Africa (Libya, Algeria) are seeing positive developments, with new international partnerships and capacity growth.

• MENA oilfield activity expected to grow 7%-10% year-on-year, with unconventional projects like Jafurah driving significant expansion.

Local content, technology, and innovation

• Strong local presence and compliance with in-country value programs provide a competitive edge.

• Investments in R&D and innovation centers, such as Nori in Saudi Arabia and Ahmadi Innovation Valley in Kuwait, enhance local integration and technology leadership.

• Joint R&D projects with clients elevate reputation and qualify the company for major tenders.

• Manufacturing and technology partnerships support sustainability and local content requirements.